Financial Daily from THE HINDU group of publications
Tuesday, Aug 10, 2004
Financial Daily from THE HINDU group of publications Tuesday, Aug 10, 2004 |
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Markets
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Stock Markets Columns - Ear to the ground Hikal gains on new drug launches
THE counter of chemicals and pharma company Hikal gained sharply on Monday. The stock price was up 10 per cent at Rs 308 on the BSE with volumes of 7,404 shares. On the NSE, it closed at Rs 306.65, up 10 per cent with volumes of 3,903 shares. Dealers said the rise in the stock price was on market talk that the company is likely to launch more drugs in the current fiscal. This will increase the total revenues and profits from the pharma business. Moreover, there is also talk that the company is looking for acquisitions of pharma companies abroad and has zeroed in on some of them. The announcement is likely to be made soon.
Rise in LME lift counters NON-FERROUS metals company's shares are witnessing increased interest in the last few days. Active buying in this sector was also seen on Monday. Some of the stocks bought by the market players include Hindalco (up 4.75 per cent at Rs 1,101.95 on BSE); Nalco (up 2.12 per cent at Rs 146.95); Sterlite Industries (up 7.71 per cent at Rs 539.15), and Hindustan Zinc (up 2.41 per cent at Rs 95.65). Dealers said the interest in these companies' shares is due to the rise in the prices of non-ferrous metals on the London Metal Exchange. The prices of the metals in India are linked to the international prices. There is also market talk that demand for non-ferrous metals is likely to remain strong this year similar to steel and this is likely to have more interest in the shares of these companies.
Up on growth prospects
Shares of Rain Calcining, a company engaged in manufacturing petroleum coke, saw increased buying on Monday. The stock price gained 4.26 per cent at Rs 16.16 on the BSE with volumes of 3.97 lakh shares. On the NSE, it closed at Rs 16.20, up 5.19 per cent with volumes of 8.76 lakh shares. The interest in the stock is due to the good prospect for aluminium sector. The company's product is used in aluminium sector. The view is that the current fiscal for the company is likely to be good due to high demand for petroleum coke.
Virendra Verma
More Stories on : Stock Markets | Ear to the ground
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